Theranos' initial value proposition was to provide a blood test that didn't require intravenous draw, which most people don't like because it's painful and off-putting. They proposed technology that could do most common blood tests from a drop of blood, collected from a pin-prick.

Their initial value proposition was not that they would simply open blood collection sites in pharmacies or supermarkets. That could have been a serviceable proposition had it been theirs, but it wouldn't have justified their huge valuation. Their valuation is based on the idea that they would be able to do most blood tests from a drop of blood, collected from a pinprick. They have failed to accomplish this.

I hope that clears things up for you.

It would be like Tesla promising an all electric car but instead having it running on a gasoline engine.

Not being forthright about the scope of their technological progress and innovation, which is ostensibly the basis of its $9 billion valuation.